Crossroads Impact Corp., fourth-quarter fiscal 2022 OTC financial statements (period ended October 31, 2022)
Summary
Crossroads Systems Inc. and Subsidiaries present a consolidated balance sheet at October 31, 2022, consolidated statements of operations for the year and for the three months ended October 31, 2022, and a consolidated statement of cash flows. For the year ended October 31, 2022, total revenues are $107,013,211 against $930,643,336 for October 31, 2021, with PPP administrative fees of $50,774,445 against $868,422,947. Income from operations is $82,458,255 against $241,258,705. For the three months ended October 31, 2022, total revenues are $13,705,402.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Cite this document
“Crossroads Impact Corp., fourth-quarter fiscal 2022 OTC financial statements (period ended October 31, 2022).”
Original at crossroads.com. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crossroads-impact-corp-fourth-quarter-fiscal-2022-otc-financial-statem-6f1343fe22/
, SHA-256 20ebd4e428f3dde7df872aee958c8d627c8d3b6065d5a705133b5f7c7b18a9de.Full text
CROSSROADS SYSTEMS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
OCTOBER 31, 2022
October 31,
October 31, 2021
2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 68,574,333 $ 278,984,781
Restricted cash 76,121,783 310,026,085
Interest receivable 14,821,272 15,254,327
Current portion of mortgage notes receivable 2,395,602 1,727,844
Current portion of commercial/other notes receivable 66,250,443 7,880,071
Inventory 9,922,826 10,212,770
Prepaid expenses and other current assets 930,120 1,110,164
Total current assets 239,016,379 625,196,042
MORTGAGE NOTES RECEIVABLE, net of current maturities and allowance of $0 129,531,130 130,281,822
COMMERCIAL/OTHER NOTES RECEIVABLE, net of current maturities and allowance of $0 128,091,326 8,533,246
PPP LOANS RECEIVABLE, net of discounts and allowance of $0 1,082,510,518 2,759,667,440
INVESTMENTS - DEBT SECURITIES (Held-to-Maturity) 38,000,000 -
INVESTMENT IN SOLAR TAX CREDIT FUND (Equity Method) , net of allowance (538,259) 9,380,944
GOODWILL 18,566,966 18,566,966
TOTAL ASSETS $ 1,635,178,060 $ 3,551,626,460
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable $ 321,304 $ 315,544
Accrued liabilities 210,195,896 269,448,624
Escrow liabilities 3,963,631 3,113,208
Income tax payable 928,483 28,725,428
Current portion of credit facilities 62,917,816 63,670,466
Current portion of other note payable - 204,151
Current portion of acquisition notes payable - 2,495,172
Total current liabilities 278,327,130 367,972,593
CREDIT FACILITIES, net of current maturities 35,491,185 36,451,501
OTHER NOTE PAYABLE, net of current maturities 940,084 940,083
ACQUISITION NOTES PAYABLE, net of current maturities 5,805,051 5,919,412
PPP LOAN PAYABLE - 376,800
FEDERAL PPP LIQUIDITY FACILITY ("PPPLF") 1,108,965,758 3,132,566,332
DEFERRED TAX LIABILITY (1,616,191) 184,113
OTHER LONG-TERM LIABILITIES 516,291 558,425
TOTAL LIABILITIES 1,428,429,308 3,544,969,259
EQUITY
Common stock, $0.001 par value: 175,000,000 shares
authorized, 18,853,032 shares issued and outstanding 18,853 5,972
Additional paid in capital 146,510,527 3,889,086
Accumulated deficit 42,167,592 (15,289,637)
Crossroads Systems, Inc. stockholders' deficit 188,696,972 (11,394,579)
Non-controlling interests 18,051,780 18,051,780
TOTAL EQUITY 206,748,752 6,657,201
TOTAL LIABILITIES AND EQUITY $ 1,635,178,060 $ 3,551,626,460
The accompanying notes are an integral part of these consolidated financial statements.
CROSSROADS SYSTEMS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2022
For the Year Ended
October 31, 2022 October 31, 2021
REVENUES
Interest income $ 37,367,003 $ 40,267,184
Property sales $ 18,407,000 21,372,291
PPP administrative fees $ 50,774,445 868,422,947
Other revenue $ 464,763 580,914
Total revenues $ 107,013,211 930,643,336
COSTS AND EXPENSES
Interest expense $ 10,466,970 15,165,963
Cost of properties sold $ 16,355,114 18,284,646
General and administrative $ (3,967,614) 3,197,133
PPP processing fees $ (8,597,435) 628,095,999
Salaries and wages $ 10,297,921 3,841,942
Management bonus $ - 20,798,948
Total costs and expenses $ 24,554,956 689,384,631
Income from operations $ 82,458,255 241,258,705
OTHER INCOME (EXPENSES)
Grant Income - CDFI rapid response program $ - 1,826,265
Interest expense $ (424,356) (476,746)
Total other income $ (424,356) 1,349,519
Income before income tax provision $ 82,033,899 242,608,224
INCOME TAX PROVISION $ (12,846,670) (47,209,875)
$ (11,100,000)
NET INCOME $ 58,087,229 195,398,349
Less: net income attributable to non-controlling interests $ (630,000) (630,000)
NET INCOME ATTRIBUTABLE TO CONTROLLING INTERESTS $ 57,457,229 $ 194,768,349
EARNINGS PER SHARE
Income attributable to common shareholders before tax and after non-controlling interest 81,403,899 241,978,224
Earnings per share from operations before tax and after non-controlling interest $ 8.42 $ 40.52
Cash income attributable to common shareholders 57,457,229 216,611,572
Weighted average shares outstanding 9,666,258 5,971,994
Cash income per share $ 5.94 $ 36.27
The accompanying notes are an integral part of these consolidated financial statements.
CROSSROADS SYSTEMS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED OCTOBER 31, 2022
For the Three Month Ended
October 31,
2022 October 31, 2021
REVENUES
Interest income $ 10,954,163 $ 16,489,461
Property sales $ 4,977,300 4,638,500
PPP administrative fees $ (2,043,772) (61,102,705)
Other revenue $ (182,289) 1,949,877
Total revenues $ 13,705,402 (38,024,867)
COSTS AND EXPENSES
Interest expense $ 2,414,176 6,070,946
Cost of properties sold $ 4,329,259 3,816,101
General and administrative $ (8,202,214) (5,658,279)
PPP processing fees $ (11,458,169) 27,920,704
Salaries and wages $ 1,309,046 909,887
Management Bonus $ - 3,000,000
Total costs and expenses $ (11,607,902) 36,059,359
Income from operations $ 25,313,304 (74,084,226)
OTHER EXPENSES
Interest expense $ (132,477) (103,887)
Other expenses $ - (3,447,921)
Total other expenses $ (132,477) (3,551,808)
Income before income tax provision $ 25,180,827 (77,636,034)
$ (11,100,000)
INCOME TAX PROVISION $ (3,207,823) 22,781,716
NET INCOME $ 10,873,004 (54,854,318)
Less: net income attributable to non-controlling interests $ (157,500) (158,795)
NET INCOME ATTRIBUTABLE TO CONTROLLING INTERESTS $ 10,715,504 $ (55,013,113)
EARNINGS PER SHARE
Income attributable to common shareholders before tax and after non-controlling interest 25,023,327 (77,794,829)
Earnings per share from operations before tax and after non-controlling interest $ 1.43 $ (13.03)
Cash income attributable to common shareholders 25,023,327 (55,013,113)
Weighted average shares outstanding 17,542,318 5,971,994
Cash income per share $ 1.43 $ (9.21)
The accompanying notes are an integral part of these consolidated financial statements.
CROSSROADS SYSTEMS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED OCTOBER 31, 2022
As of October 31, As of October 31,
2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 58,087,229 $ 250,220,790
Adjustments to reconcile net income to net cash
used in operating activities:
Loss on derivative related activity - (105,702)
Stock based compensation 5,444,124 224,697
Amortization of deferred financing fees 31,188 (132,673)
Provision for income taxes 12,846,670 18,300,334
Changes in operating assets and liabilities:
Interest receivable 433,055 (14,270,414)
Notes receivable (Mortgage and commercial/other) (177,845,518) (6,148,983,964)
PPP loans receivable 1,677,156,922 -
Inventory 289,944 (62,183)
Prepaids and other assets 180,044 106,450
Accounts payable 5,760 26,485
Accrued liabilities (87,091,807) 302,511,385
Escrow liabilities 850,423 (395,749)
Income tax payable (14,646,974) -
Net cash provided/(used) in operating activities 1,475,741,060 (5,592,560,544)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash Paid for Investments - Debt Securities (38,000,000) -
Net cash used in investing activities (28,080,797) -
CASH FLOWS FROM FINANCING ACTIVITIES
Preferred equity contributions
Preferred equity dividend distributions (630,000) (471,206)
Common equity distributions and contributions 137,190,198 (238,879,760)
Paycheck Protection Program loan (376,800) -
Borrowings on credit facilities (mortgage line) - 2,752,674
Principal payments on credit facilities (mortgage line) (1,462,248) (17,953,429)
Borrowings on credit facilities (inventory line) 2,752,674 -
Principal payments on credit facilities (inventory line) (3,003,392) -
Principal payments on other notes payable (204,150) (142,333)
Principal payments on acquisition note payable (2,640,721) (4,045,236)
Proceeds from the PPPLF - 6,422,368,423
Payments to the PPPLF (2,023,600,574) -
Net cash provided/(used) by financing activities (1,891,975,013) 6,163,629,133
Net change in cash and cash equivalents and restricted cash (444,314,750) 571,068,589
Cash and cash equivalents and restricted cash at beginning of period 589,010,866 5,131,110
Cash and cash equivalents and restricted cash at end of period $ 144,696,116 $ 576,199,699
SUPPLEMENTAL INFORMATION
Cash paid for interest $ 10,654,162 $ 4,289,921
Cash paid for income taxes $ - $ -
The accompanying notes are an integral part of these consolidated financial statements.
File and source
- File
- Crossroads-Impact-Corp_FY2022-Q4-OTC-financial-statements.pdf
- Size
- 240,315 bytes
- SHA-256
- 20ebd4e428f3dde7df872aee958c8d627c8d3b6065d5a705133b5f7c7b18a9de
- Original
- crossroads.com